When Botswana gained independence from Britain in 1966, the country was part of the Rand Monetary Area (RMA).

[2] In 1974 Botswana withdrew from the RMA, and the Bank of Botswana and Financial Institution Acts established the legal framework for a central bank in Botswana to be established in July 1975, with Christopher H. L. Hermans as the first Governor.

[2] The pula was launched as a national currency in 1976, and in 1977 the Bank of Botswana became the government banker.

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